金融市场分割、信贷失衡与技术创新产出——基于企业异质性的制造业上市公司数据分析  

Financial market segmentation,credit imbalance and technology innovation output:a data analysis of listed manufacturing companies based on enterprise heterogeneity

作　　者：吕承超[1] 王媛媛 LV Chengchao;WANG Yuanyuan(School of Economics and Management,Qingdao University of Science and Technology,Qingdao266061,China)

机构地区：[1]青岛科技大学经济与管理学院

出　　处：《产业经济研究》2019年第6期63-75,共13页Industrial Economics Research

基　　金：国家自然科学基金青年项目(71802117);国家社会科学基金青年项目(17CJL031)

摘　　要：基于扩展的理论模型及中国制造业上市公司数据,从企业融资能力和效率异质性视角考察正规金融市场和民间金融市场的利率分割,以及信贷供求失衡对技术创新产出的作用机制及影响,并探索了信贷失衡在金融市场分割与技术创新产出关系中的调节作用。研究表明:(1)金融市场分割因增加外部融资利率,对所有企业技术创新产出均有阻碍作用。(2)信贷失衡对异质性企业技术创新产出的影响存在差异,具体影响机制是信贷失衡使得融资能力强的低效率企业实现技术创新,而仅使极少数高效企业放弃技术创新,因此信贷失衡在一定程度上促进技术创新产出。(3)金融市场分割对技术创新产出的总体作用效果受到信贷失衡程度的影响,即信贷失衡能够削弱金融市场分割对技术创新产出的抑制作用。在引入工具变量解决内生性问题后,上述结论仍然具有稳健性。最后,从深化金融改革、促进技术创新和产业结构升级等方面给出了政策建议。Based on the extended theoretical model and the data of listed companies in China’s manufacturing industry and from the perspectives of enterprise financing capacity and efficiency heterogeneity,this paper investigates the interest rate segmentation of formal financial market and private financial market,as well as the action mechanism and influence of credit supply-demand imbalance on technology innovation output,and explores the moderating effect of credit imbalance on the relationship between financial market segmentation and technology innovation output.The research shows:(1)the financial market segmentation hinders technology innovation output of all enterprises due to the increase in external financing interest rate.(2)There are differences in the influence of credit imbalance on the technology innovation output of heterogeneous enterprises,and the specific influence mechanism is that credit imbalance enables low-efficiency enterprises with a strong financing capacity to realize technology innovation,but only a very few high-efficiency enterprises to give up technology innovation,so that credit imbalance promotes technology innovation output to a certain extent.(3)The overall effect of financial market segmentation on technology innovation output is affected by the degree of credit imbalance,that is,credit imbalance can weaken the inhibitory effect of financial market segmentation on technology innovation output.The above conclusion remains robust after instrumental variables are introduced to solve endogenous problems.Finally,this paper gives policy recommendations from the aspects of deepening financial reform,promoting technology innovation and upgrading industrial structure.

关 键 词：金融市场分割 信贷失衡 技术创新产出 融资能力 效率异质性 

分 类 号：F01[经济管理—政治经济学] F062.9